Found 1 blog entry tagged as modification.

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Realtor.com writes, "consider a loan modification a lifeline for homeowners in trouble. If you’ve been hit with financial hardships that hamper your ability to pay the mortgage, there are options other than foreclosure or selling your home. One is to get a loan modification, which is basically an agreement with your lender to change the terms of your loan.

Loans can be modified in various ways. For instance, the lender may lower the interest rate; extend the length of the loan; or allow a homeowner to skip payments until he’s found a new job, adding those missed payments to the principal to pay later. The terms all depend on the homeowner’s specific circumstances, but the goal is ultimately the same: to provide financial relief for homeowners who…

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